The number of individuals opting for mutual funds has seen an increase of late, with 77 lakh new portfolios added between April and October this year, as per a report by Bloomberg Quint.
Following this increase, the number of folios in the country moved up to 7.90 crore, as per data released by the Association of Mutual Funds in India. This number stood at 7.13 crore as of March 2018.
There has been an increased awareness about mutual funds, with this contributing to the numbers. The last few years have seen more people from smaller towns investing in mutual funds.
In terms of folio categories, ELSS and equity schemes added 6 lakh new folios, followed by income funds which added 5.6 lakh folios and balanced funds which added 4.4 lakh folios.
The cash inflow in MFs between April and October stood at Rs.81,000 crore, with equity schemes accounting for Rs.75,000 crore of this amount.
Sources: Bloomberg Quint